Sharp aims to boost profit rather than seek new issue

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TROUBLED Japanese electronics firm Sharp yesterday announced that it would bolster its depleted finances by boosting profits rather that consider a public share offering.

A Japanese newspaper report from April said that the firm was considering an issue to secure an additional ¥200bn (£1.15bn) to improve its finances. However, Sharp president Kozo Takahashi said this would “not make any sense” so soon after an offering last year, which raised about ¥140bn.

He added: “We will build up our capital by boosting our profits.”

Sharp has projected a rise in net profit to ¥30bn in the year to next March from last year’s ¥11.6bn, as it seeks to turn around its fortunes after posting a massive ¥545.4bn net loss in the year to March 2013.